Rokt, an eCommerce firm, has raised $2.4 billion in investment, increasing its valuation.
Following a secondary fundraising round headed by investment firm Square Peg and asset management Wellington Management, the business disclosed the new value on Monday and stated that it is getting ready to go public.
Rokt had a $1.95 billion valuation last year as a result of a $325 million Series E investment.
Rokt CEO Bruce Buchanan wrote in a blog post, “Despite valuation declines in the broader market, we continue to see rapid growth in Rokt driven by new eCommerce partners and an uplift from advertisers.”
Due to the difficult economic environment, eCommerce businesses are putting more emphasis on more relevant customer experiences that boost economies of scale and generate new income.
According to Buchanan, this has accelerated his company’s growth and helped it get investor backing as it prepares for an IPO (IPO).
Rokt, an Australian company with a New York City headquarters, uses artificial intelligence and machine learning to research online consumers’ interactions with brands. AMC Theaters, PayPal, Uber, Hulu, Staples, Lands’ End, and HelloFresh are just a few of its customers.
The report also discovered that 30% of U.S. retailers and 37% of retailers in the U.K. were looking for “the right mix of digital tools to meet their customers’ experience requirements.” It states that “more than 66% of retailers are shifting resources toward more convenient payment options and a broader range of payment choices.”
